Yoghurt Rail curdles?

A bowler tip to Sim Harris and King Henry for this...

An exciting weekend for Yoghurt Rail watchers.

This press release emerged from Grand Central yesterday:

Grand Central statement on Alliance Rail Holdings Limited

On Thursday 24 September 2009 Alliance Rail Holdings Limited (Alliance Rail) issued a press release containing details of a submission to the Office of Rail Regulation (ORR) of plans for new "Open Access" services on the East Coast Main Line (ECML) by the Great North Eastern Railway Company (GNER) and also plans by the Great North Western Railway Company (GNWR) for new high speed services on the West Coast Main Line (WMCL).

The board of directors of Grand Central Railway Company Limited (Grand Central) wish to clarify that:

1. Ian Yeowart, director of Alliance Rail, was dismissed from his position as an employee and director of Grand Central on 27 May 2009. His dismissal is currently the subject of proceedings in the Employment Tribunal.

2. Certain of the routes identified by Mr Yeowart in connection with Alliance Rail's proposed new Open Access plans include routes in which the Grand Central group has registered an interest with the ORR and on which Mr Yeowart worked in the course of his duties with Grand Central.

3. The board of Grand Central considers that Mr Yeowart remains bound by certain post-employment obligations owed to the company by virtue of his former employment. Mr Yeowart also remains subject to obligations imposed upon him pursuant to the terms of the agreement relating to his investment in Sula TOC Limited ("Sula TOC"), Grand Central's holding company (which obligations will continue to apply for a period of twelve months after he ceases to be a shareholder of Sula TOC). Grand Central is concerned that, by reason of his recent actions, Mr Yeowart may be in breach of certain of these obligations, and is undertaking further investigations in this regard.

4. Mr Yeowart is currently a shareholder in Sula TOC. His dismissal by Grand Central, however, entitles Sula TOC's board of directors under the terms of the articles of association of that company to require Mr Yeowart to sell his shareholding in Sula TOC. The steps required to effect such a transfer of his shares are currently in process.

5. Grand Central is currently considering its legal position regarding Alliance Rail's proposed new open access services and particularly Mr Yeowart's involvement therein.

Meanwhile, King Henry advises that "if you google Mr Y's personal company 'OA Consultants' (which apparently stands for Open Access) you find 'Orecchia and Artieri Consultants', tax planners in Monaco."

Has Yoghurt Rail gone offshore already?

UPDATE: This from Charles Yerkes...

Old news!

This press release was on both the WNXX Forum and UK.railway yesterday!

Has The Fact Compiler been asleep?